Chinese oil platform Alula arriving at Lake Maracaibo in September 2025. Photo: El Regional del Zulia.
Venezuelan authorities reported Thursday that an oil platform, operated by China Concord Resources Corp (CCRC)—the first major infrastructure project to be installed in Lake Maracaibo in years—arrived in Venezuela.
Deputy Minister for Small and Medium-Sized Industry Roigar López reported the arrival of the oil facility on social media; however, the message was later deleted. Reuters also confirmed the information.
The US $1 billion CCRC-operated project in Venezuela installed the oil platform in the waters of Lake Maracaibo, the country’s second-largest crude oil production region.
The Alula platform, a self-elevating offshore platform, departed from the Chinese port of Zhoushan, passed under the Lake Maracaibo bridge, guided by a tugboat, and headed for its final location in Lagunillas.
The Asian country’s energy company is ramping up production at two key oil fields located in western Venezuela, Lago Cinco and Lagunillas, and estimates it will reach 60,000 barrels per day by the end of 2026, up from the current 12,000 bpd.
This project translates into a major economic boost for a private Chinese company in Venezuela. The platform is the first major infrastructure project to be installed in Lake Maracaibo in years. The United States initially imposed illegal sanctions on the Venezuelan oil industry in 2017. These began with financial restrictions; the US imposed broader restrictions more openly in 2019.
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In 2024, CCRC began negotiating its stake in the oil fields with state-owned oil company Petróleos de Venezuela SA (PDVSA) under a 20-year production-sharing contract. The company has deployed Chinese personnel specialized in oil field development, with the goal of quickly reopening approximately 100 wells. PDVSA has not commented yet on the development.
Lago Cinco and Lagunillas are expected to produce a mix of light and heavy oil, with light crude destined for PDVSA and heavier crude destined for China. The Maracaibo Basin region is known for having the best quality Venezuelan light crude oil.
State-owned PDVSA has stabilized oil production at around 1 million bpd this year. It is now aiming for the 2 million bpd mark in the coming months.
(Últimas Noticias) by Lissett Flores with Orinoco Tribune content
Translation: Orinoco Tribune
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